Who should be on the board of a start-up?
More art than science but there are some principles:
- Board composition should change over time, shifting from founders to angels to VC's/outsiders
- Until later rounds, board members are either founders, investors or experts with active contribution.
- By default, membership should align with ownership, then adjust for passive investors or value-added experts
- Select board members who are able to see things from the "best interest of the business", instead of their own vested interests -- not easy for closely held companies.
- The number is relatively simple, 3 then 5 then 7 then your are not a start-up.